Aravind SundaramCountdown to budget 2024-25 is exciting and in a few days the budget is set to be out. Tax rebates, populist schemes and infrastructure spending are possibly in the cards. Business leaders are continuing to share their thoughts and expectations on the budget.
Kunal Arya, Co-Founder & Managing Director, ZELIO e-bikes
As we approach the budget 2024-25, the EV industry is eagerly anticipating several key measures to drive growth and adoption. Increased subsidies will make electric vehicles more affordable for a broader range of consumers, fostering widespread adoption. Expanding the network of charging stations, especially those powered by renewable energy, is essential for supporting the EV infrastructure and addressing range anxiety. Reducing the GST on batteries and components will lower costs, making electric vehicles more accessible to the masses.
Simplifying financing options for EV purchases will further encourage adoption by easing the financial burden on consumers. Promoting fleet electrification can significantly cut emissions and showcase the viability of electric vehicles for commercial use. Export incentives will help Indian EV manufacturers compete globally and expand their market reach. Additionally, skill development programs are vital for building a knowledgeable workforce to support this growing industry. Enhanced R&D grants and support for innovation in EV technology will ensure India remains at the forefront of the global EV revolution. We believe these measures will collectively propel the EV sector towards a sustainable and prosperous future.
Krishna Veer Singh, CO-Founder & CEO, Lissun
At Lissun, we view the upcoming 2024-25 Union Budget as a crucial opportunity to revolutionize India’s approach to mental health. We expect a significant increase in budget allocation for mental health initiatives, particularly in awareness campaigns, accessibility improvements, and affordability measures.
Our hopes include integrating mental health services into primary healthcare, substantial investments in digital mental health solutions, and incentives for startups innovating in this space. We advocate for measures addressing the shortage of mental health professionals through targeted skill development programs and promotion of tele-mental health services. Policies mandating mental health coverage in insurance plans, increased funding for mental health research, and the establishment of a national mental health database are also key expectations.
We particularly emphasize the need for increased funding to support early diagnosis and intervention programs for children with autism and neurodevelopmental delays. Additionally, we hope the government will expand the number of seats and courses in universities, ensuring the generation of more high-quality therapists to meet the growing demand.
We also anticipate initiatives to integrate mental health education into school curriculums and workplace wellness programs. Prioritizing these aspects in the budget will enable India to make notable strides in building a mentally healthier society, fostering innovation, and improving care delivery across the nation.
Sarvagya Mishra, Co-founder & Director at Superbot
As we approach Budget 2024-25, Superbot anticipates significant advancements in government policies to support the burgeoning AI and technology sectors. With our foundation rooted in addressing critical communication challenges, particularly in the education sector, we have witnessed the transformative power of AI-driven solutions firsthand.
We urge the government to prioritize funding for AI and machine learning research, fostering innovation that can elevate customer engagement across diverse industries. Furthermore, we advocate for increased incentives for public-private partnerships, which are essential for scaling AI technologies to serve wider demographics, including small and medium-sized enterprises (SMEs). These partnerships can democratize access to advanced AI solutions, ensuring that businesses of all sizes can leverage technologies like Superbot to enhance operational efficiency and customer satisfaction.
Superbot also calls for the integration of AI into national digital infrastructure initiatives, ensuring robust support and seamless integration for businesses adopting AI-driven solutions. Tax incentives for companies investing in AI and automation technologies will be crucial in accelerating adoption and driving economic growth. Additionally, comprehensive training programs and educational initiatives are needed to build a skilled workforce capable of developing and managing AI technologies. Last but not least, we emphasize the importance of establishing clear regulatory frameworks that promote ethical AI usage and protect consumer data, fostering trust and reliability in AI interactions.
Shishir Gupta, CEO of Riot Labz
As we approach the upcoming budget, RIOT LABZ hopes for increased government support for the electronics manufacturing sector. Enhanced incentives for research and development, along with subsidies for sustainable manufacturing practices, would significantly bolster our efforts to innovate and remain competitive globally. Additionally, streamlined regulatory processes and tax benefits for export-oriented units would facilitate smoother operations and expansion into international markets. We believe these measures will drive growth, foster technological advancements, and create more job opportunities within the industry. Furthermore, specific allocations for the development of skilled labour and upskilling programs would help bridge the talent gap, ensuring a steady pipeline of proficient workers to support our advanced manufacturing processes. We also hope for increased funding for infrastructure development in industrial hubs, which would improve logistics and reduce operational costs, enhancing overall productivity.
Rajat Goel Co-founder of Emoneeds
At Emoneeds, we have consistently emphasized the need for comprehensive policies to address India’s escalating mental health crisis, where an estimated 150 million individuals require services, yet fewer than 30 million seek help. While the interim budget in February lacked specific measures for mental health, we await the upcoming full budget with optimism, hopeful that it will prioritize this critical issue. With just one psychiatrist per two lakh people, there is an urgent imperative to strengthen India’s mental health workforce.
It is essential to increase the number of trained professionals—psychiatrists, psychologists, counsellors, and social workers—to meet the growing demand for mental health services. Investing in community-wide awareness programs is essential to reduce stigma, alongside integrating emotional wellness initiatives in educational and corporate settings to combat high suicide rates. Moreover, there is an urgent need to establish a mental health insurance panel to implement crucial recommendations, such as integrating mental health services into healthcare insurance coverage.
This initiative would greatly improve access to essential mental health care services across the country, ensuring individuals can receive necessary treatments without financial obstacles. Additionally, setting up crisis intervention centers in both urban and rural areas would provide necessary support to individuals grappling with severe mental health challenges. Investing in telemedicine infrastructure would further enhance service availability, ensuring comprehensive mental health care reaches even remote regions.
Amjad Raza Khan, CEO of Cashaa
We are hoping for the same things as we were with the Interim Budget in Feb, 2024. Rationalisation of capital gains tax down from the current 30% and of the TDS tax rate of 1%. Treating crypto at par with other financial asset classes like equity. A well-defined regulatory framework for crypto in the country, making crypto a suitable investment option for the common man as well as spurring industry investment in the crypto sector.
Jay Shah, CEO & MD of Jay Wood Industry
As the Union Budget 2024 approaches, the wooden pallet sector is optimistic about the government’s focus on sustainable supply chain solutions. This industry is vital for pharmaceuticals, chemicals, and glass packaging, among others, and needs robust government support to enhance global competitiveness.
To streamline logistics, reduce transportation costs, and ensure timely deliveries, infrastructure development is key. The sector anticipates measures that include significant investments in infrastructure. Alongside this, tax incentives are sought to alleviate financial burdens on manufacturing units, facilitating increased investment in innovation and expansion. Particularly, incentives for adopting sustainable practices would benefit both the environment and businesses aiming to align with global sustainability standards.
Furthermore, Research and Development (R&D) funding is crucial for continuous innovation in materials science, sustainable manufacturing, and recycling technologies. Government grants and subsidies for R&D can drive higher efficiency and sustainability. Supporting SMEs through easier access to credit, reduced compliance burdens, and simplified regulations can significantly boost growth.
The industry also hopes for financial assistance for adopting eco-friendly technologies, including subsidies and low-interest loans for sustainable manufacturing upgrades, as well as technology transfer facilitation. Further, skill development programs are essential for equipping the workforce with modern manufacturing skills.
Moreover, the packaging industry plays a vital role in supporting the export sector. Simplifying export procedures, reducing tariffs, and providing incentives for export-oriented units can enhance our global market presence. We look forward to policies that promote ease of doing business and reduce bureaucratic hurdles.
Aravind Sundaram
Guest Author